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To make sound decisions synonym12/28/2023 The idea is to break complex problems down into their basic elements and then reassemble them from the ground up. A first principle is an assumption that cannot be deduced further. Use the approach of first principles to determine what combination of importance and reversibility you are facing. Of course, you will need to adapt and change eventually but get moving. In some cases, if you wait for more information, you could be late and lose. Yes, everything is not figured out but if you don't do it, will someone else? Weigh the need for accuracy over good enough data for speedy decisions. Make decisions with 70% of the information you wish you had. One of my favorite ways to make crucial decisions is to use Jeff Bezos' famous 70% rule. Weigh The Need For More Data With The Timing All others can be delegated or turned into a quick direct message. The upper right quadrant (Consequential/Irreversible) is the only quadrant you should worry about messing up under time pressure. One we lean on at our company is a simple 4-square with the X-axis being a measure of Reversible/Irreversible and the Y-axis being a measure of Inconsequential/Consequential. Chor Meng Tan, Wileyĭecision matrices are helpful to contextualize thought, especially when time is short. These answers can help you avoid overthinking and drive you toward better, faster decisions. You'll also want to examine the information you have at this moment and the steps you'll need to take to make a decision. Try to understand the problem or sub-problem you are solving, its benefits and the consequences if it is not solved. Not all decisions require the same level of deliberation and readiness. Aim to choose the path that satisfies the measures of probability and desirability while reducing overall risk. Once you’ve predicted the future of your decision, weigh the risk with the reward. To do this, run scenarios on each option. Your job as a business leader is to make the most desirable outcome the most probable. Weigh Decisions Against Probability And DesirabilityĮvery decision must be considered through the lens of probability and desirability. If one decision stands out as the best decision at the moment, then the leader should make the decision and prepare for any consequences that may occur. However, in a situation where a decision must be made prematurely, leaders should carefully consider all of their choices and the potential consequences of each. Leaders are decision makers and cannot guarantee the outcome of any decision they make. The ability to draw from that is crucial as a leader. The definition of intuition according to Merriam-Webster's dictionary is this: "the power or faculty of attaining direct knowledge or cognition without evident rational thought and inference." Intuition is developed through time and experience. The best way to make decisions when you have little or no time is to trust your intuition. A good decision maker balances the factors in real-time, putting more attention on those that are time-sensitive, complex and impactful. Decision making requires assessing many factors, including the quality of data you have access to, the impact that the decision will have on your organization, the experience you have with similar decisions, options available and the cost of delay.
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